New Zealand Experience the New Era of Biometric Banking

One of the primary trends of the modern technological and industrial world is the shift to a more customer-centric approach regardless of the field or niche you operate in. And in order to make sure that your customers are satisfied with your service, you must ensure that it is fast paced and as convenient as possible for them. The purpose of modern technology is to induce speed in processes that traditionally hog up a lot of staff and customer time as well as simplify the processes for the customer by capitalizing on the finer details.

Biometric verification is one such technology that is being applied across a multitude of fields and industries to great reviews and results.

BIOMETRICS IN BANKING

With ASB having announced their version of a biometric ID verifying the mobile application for six of their bank branches in South Auckland last year, we are finally seeing and experiencing the integration of biometric technology in New Zealand Banking.

Believe it or not, many people delay or refuse to open a bank account just because of the process that precedes the result, what with the person having to dig out a bundle of verifying documentation and filling out numerous forms after having to travel to the nearest branch of their desired bank. And in a world where you can clean your house, order the groceries, and pay your bills without having to get up from the plush cushions of your couch, it may just be too much to ask for. Not only that, but there are growing concerns about cybercriminals and fraudsters exploiting vulnerabilities in the banking security systems of banking institutions, a factor that also makes people wary and tends to drive them away. Read more...

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Finger Vein Biometrics Identification for Membership Management Software

An article published today in the University of Vermont’s campus newspaper The Vermont Cynic reported that the campus recreation center has adopted M2SYS finger vein technology for student member identification. Tim Lewis, associate director for campus recreation made the decision to use finger vein biometrics for member identification after brainstorming ideas on how to eliminate students carrying ID cards. Happy to see our finger vein biometric identification system used at the University of Vermont through a partnership we have with Vermont Systems, a recreation and parks software provider based in Essex Junction, VT. Modern-day membership management software is designed to help create efficiencies that antiquated methods simply can’t provide. In an effort to eliminate ID cards, prevent identity fraud, and create a more convenient user experience, many membership management facilities are evaluating vascular biometrics (finger vein) for identification because of the distinct ...

Iris Recognition vs. Retina Scanning – What are the Differences?

In biometrics, iris and retinal scanning are known as “ocular-based” identification technologies, meaning they rely on unique physiological characteristics of the eye to identify an individual. Even though they both share part of the eye for identification purposes, these biometric modalities are quite different in how they work. Let’s take a closer look at both and then explain the similarities and differences in detail: Retinal Scanning: The human retina is a thin tissue composed of neural cells that are located in the posterior portion of the eye. Because of the complex structure of the capillaries that supply the retina with blood, each person’s retina is unique. The network of blood vessels in the retina is so complex that even identical twins do not share a similar pattern. Although retinal patterns may be altered in cases of diabetes, glaucoma or retinal degenerative disorders, the retina typically remains unchanged from birth until death. (Source: Wikipedia) ...

False Rejection Rate – What Does It Mean And Why Should I Care?

False reject rate is a statistic used to measure biometric performance when operating in the verification task and it usually calculated as the percentage of times the system produces a false reject. A false reject occurs when an individual is not matched to their own existing biometric template. For example: John claims to be John, but the system incorrectly denies the verification. This can be particularly frustrating for an end user who knows that they are enrolled in the system and should be recognized and verified, but for some reason the system is incorrectly rejecting their scan. This can cause unnecessary logjams, affect service, frustrate staff and negatively impact productivity.

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